Colorado Springs
54° F
Mostly Cloudy
Mostly Cloudy
Advertisement

Should you buy your leased car?

Published On: Jun 04 2014 10:14:44 AM CDT
closeup of red sports car

iStock

As your lease comes to an end, you are faced with an important decision – should you buy your car or opt to lease another?

For help, consider these tips:

Is the buyout price fair? Check the buyout price and compare it to the car’s market value. If the buyout price is less than the market value, then it can be a good option to buy the car and take advantage of a good deal.

Is your car in good shape? If you took good care of your car and properly maintained it, it can be a good option to buy it. On the other hand, if your car is in bad shape and you don’t like the way it runs or drives, then ending the lease and choosing another car could be the best option.

Do you like your car? Do you enjoy driving your car? Can you not imagine driving another type of car right now? If so, then buying it could make sense for you.

Are you over your miles? If you are significantly over your miles, it can actually make more sense financially for you to buy the car rather than end the lease to avoid paying the steep over mileage penalties.

Advertisement